An
economic system is a system for producing, distributing and consuming goods and
services, including the combination of the various institutions, agencies,
consumers, entities (or even sectors as described by some authors) that
comprise the economic structure of a given society or community. It also
includes how these various agencies and institutions are linked to one another,
how information flows between them, and the social relations within the system
(including property rights and the structure of management).
An
economic system is comprised of the various processes of organizing and
motivating labor, producing, distributing, and circulating of the fruits of
human labor, including products and services, consumer goods, machines, tools,
and other technology used as inputs to future production, and the
infrastructure within and through which production, distribution, and
circulation occurs. These processes are
overdetermined by the political, cultural, and environmental conditions within
which they come to exist. In comparative
economic systems, these economic systems are usually defined within determinate
political boundaries.
Among
actual economic systems, distinctive methods of analysis have developed, such
as socialist economics and Islamic economic jurisprudence. Today the dominant
form of economic organization at the global level is based on capitalist mixed
economies.
Economic
systems is the category in the Journal of Economic Literature classification
codes that includes the study of such systems. One field that cuts across them
is comparative economic systems. Subcategories of different systems there
include:
- planning, coordination, and reform
- productive enterprises; factor and product markets; prices; population
- public economics; financial economics
- national income, product, and expenditure; money; inflation
- international trade, finance, investment, and aid
- consumer economics; welfare and poverty
- performance and prospects
- natural resources; energy; environment; regional studies
- political economy; legal institutions; property rights.
Components
There
are multiple components to economic systems. Decision-making structures of an
economy determine the use of economic inputs (the factors of production),
distribution of output, the level of centralization in decision-making, and who
makes these decisions. Decisions might be carried out by industrial councils,
by a government agency, or by private owners. Some aspects of these structures
include:
Coordination
mechanism: How information is obtained and used to coordinate economic
activity. The two dominant forms of coordination include planning and the
market; planning can be either centralized or de-centralized, and the two
mechanisms are not mutually exclusive.
Productive
property rights: This refers to ownership (rights to the proceeds of output
generated) and control over the use of the means of production. They may be
owned privately, by the state, by those who use it, or held in common by
society.
Incentive
system: A mechanism for inducing certain economic agents to engage in
productive activity; it can be based on either material reward (compensation)
or moral reward (social prestige).
Types
Economic
systems can be divided by the way they allocate economic inputs (the means of
production) and how they make decisions regarding the use of inputs. A common
distinction of great importance is that between capitalism (a market economy)
and socialism (economic planning).
In
a capitalist economic system, production is carried out to maximize private
profit, decisions regarding investment and the use of the means of production
are determined by competing business owners in the marketplace; production
takes place within the process of capital accumulation. The means of production
are owned primarily by private enterprises and decisions regarding production
and investment determined by private owners in capital markets. Capitalist
systems range from laissez-faire, with minimal government regulation and state
enterprise, to regulated and social market systems, with the stated aim of
ensuring social justice and a more equitable distribution of wealth (see
welfare state) or ameliorating market failures (see economic intervention).
In
a socialist economic system, production is carried out to directly satisfy
economic demand by producing goods and services for use; decisions regarding
the use of the means of production are adjusted to satisfy economic demand,
investment (control over the surplus value) is carried out through a mechanism
of inclusive collective decision-making. The means of production are either
publicly owned, or are owned by the workers cooperatively. A socialist economic
system that is based on the process of capital accumulation, but seeks to
control or direct that process through state ownership or cooperative control
to ensure stability, equality or expand decision-making power, are market
socialist systems.
The
basic and general economic systems are:
- Market economy ("hands off" systems, such as Laissez-faire capitalism)
- Mixed economy (a hybrid that blends some aspects of both market and planned economies)
- Planned economy ("hands on" systems, such as state socialism or state capitalism)
- Traditional economy (a generic term for older economic systems)
- Command (Centrally Planned) Economic Systems: (a generic term for older economic systems)
- Participatory economics (a system where the production and distribution of goods is guided by public participation)
- Gift economy (where an exchange is made without any explicit agreement for immediate or future rewards)
- Barter economy (where goods and services are directly exchanged for other goods or services)
Context in society
An
economic system can be considered a part of the social system and
hierarchically equal to the law system, political system, cultural, etc. There
is often a strong correlation between certain ideologies, political systems and
certain economic systems (for example, consider the meanings of the term
"communism"). Many economic systems overlap each other in various
areas (for example, the term "mixed economy" can be argued to include
elements from various systems). There are also various mutually exclusive
hierarchical categorizations.
sumber :
http://en.wikipedia.org/wiki/Economic_system
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